New Delhi, 02 July (H.S.): Shares of IT solutions provider CSM Technologies disappointed investors on their stock market debut on Thursday, listing flat before hitting the lower circuit during early trade.

The company's shares were issued at Rs 113 apiece in the initial public offering (IPO). They debuted on both the BSE and NSE at the issue price of Rs 113 without any listing premium. Shortly after listing, selling pressure pushed the stock down to its 5 percent lower circuit limit of Rs 107.35, resulting in a loss of Rs 5.65 per share for IPO investors on the very first day of trading.

CSM Technologies' Rs 145.78 crore IPO was open for subscription from June 24 to June 29. The public issue received a subdued response from investors and was subscribed 1.37 times overall.

The Qualified Institutional Buyers (QIB) portion was subscribed 1.02 times, while the Non-Institutional Investors (NII) category received 1.54 times subscription. The retail investor segment was subscribed 1.63 times, and the employee reservation portion was subscribed 1.82 times.

The IPO comprised a fresh issue of 12,901,000 equity shares with a face value of Rs 10 each. The company plans to utilise the proceeds to reduce existing debt, meet working capital requirements, and fund general corporate purposes.

According to the Draft Red Herring Prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI), the company's financial performance has fluctuated over the past few years.

CSM Technologies reported a net profit of Rs 15.82 crore in the financial year 2022-23, which declined to Rs 12.55 crore in FY2023-24 before rising to Rs 14.09 crore in FY2024-25. During the first nine months of FY2025-26, from April 1 to December 31, 2025, the company had already posted a net profit of Rs 14.70 crore.

The company's revenue showed consistent growth during the same period. Total revenue increased from Rs 161.50 crore in FY2022-23 to Rs 198.65 crore in FY2023-24 and further to Rs 200.63 crore in FY2024-25. In the first nine months of FY2025-26, revenue stood at Rs 167.05 crore.

CSM Technologies also recorded steady growth in its reserves and surplus. These rose from Rs 45.69 crore at the end of FY2022-23 to Rs 55.88 crore in FY2023-24 and Rs 73.21 crore in FY2024-25. As of December 31, 2025, reserves and surplus stood at Rs 56.29 crore during the first nine months of FY2025-26.

The company's net worth also improved over the period, increasing from Rs 50.31 crore in FY2022-23 to Rs 59.75 crore in FY2023-24, Rs 76.18 crore in FY2024-25, and Rs 88.88 crore by December 31, 2025.

Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) stood at Rs 27.87 crore in FY2022-23. It was reported at Rs 23.71 crore in FY2023-24 before rising to Rs 29.27 crore in FY2024-25. During the first nine months of FY2025-26, EBITDA reached Rs 30.07 crore.

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Hindusthan Samachar / Jun Sarkar